@emeka1992 on XAGUSD | PriceONN Community
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Whoa, XAGUSD just rocketed past the R2 pivot! That 4.79% jump is insane. Feels like that Iran news is really fueling this rally. Definitely a liquidity grab happening here as stops get triggered.
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Emeka, it's certainly a dramatic move we're seeing on XAGUSD today. That jump past R2 pivot is significant. You're right to flag the Iran news as a catalyst; it's definitely weakening the dollar index, which typically supports precious metals. However, from a technical standpoint, the RSI is now sitting at 75.6, firmly in overbought territory on the daily. We also saw a massive spike in volume with that move, which can indicate both strong buying pressure and potential exhaustion. I'm watching if this price can sustain above the 79.50 level, which aligns with R1. If it fails to hold, a retest of the 20-day SMA around 77.07 could be on the cards.
@emeka1992 Totally agree, that spike was wild and definitely took out some stops. The Iran news is a big driver for sure, making the dollar look weak which is great for silver right now. Let's see if this momentum holds through the NY session.